How to name beneficiaries and fund a trust at Columbia Bank

A pay-on-death designation is recorded on the account records through the signature card. The ownership and beneficiary rules apply depending on the form of ownership and beneficiary designation specified on the account records.¹

IRA beneficiaries are designated on the IRA plan agreement, not on the deposit signature card.²

A trust can be named instead of a POD payee through a Trust Authorization that clearly pertains to the account. Columbia may request other related documents and authorizations.¹

On a P.O.D. account, ownership passes to the named pay-on-death payees in equal shares.¹

The signature card can be signed physically, or electronically through the Columbia Bank Electronic Signature System after the Electronic Signature Disclosure and Consent document is received.¹

Completed by the account owner, in branch or by mail. Sent by the institution on request.¹

For IRAs. Sent by the institution on request.²

Named pay-on-death payees take ahead of the instructions in a will.²

On a multiple-party P.O.D. account, ownership passes to the surviving owners on the death of any owner, and to the named pay-on-death payees in equal shares on the death of all of them.¹

On a tenants in common account, each tenant's interest passes to that tenant's own POD payees, or if there are none, to that tenant's estate.¹

On an informal trust or pay-on-death account, beneficiaries cannot withdraw unless all persons who created the account have died and the beneficiary is then living.¹

A designation is only effective once it is on the account records.²

Beneficiary designations cannot be added or changed through Online Banking. The signature card must be signed in branch or returned by mail.²

Columbia reserves the right to refuse some forms of ownership on any or all of its accounts.²

Provided at a branch.¹

Columbia will abide by the terms of any lawful Trust Authorization that clearly pertains to the account and is filed with it, and may request other related documents and authorizations it deems necessary or appropriate.¹

Opening a fiduciary account does not make Columbia a trustee, and it undertakes no obligation to monitor or enforce the terms of the trust.¹

Columbia's taxpayer identification table gives the SSN of the owner for an "Informal (Revocable) Trust".¹

Trust accounts cannot be opened through Columbia's online application, whose ownership choices are Individual and Joint only.¹

Trust administration, estate settlement and fiduciary services, as a division of Columbia Bank⁴